Pharmaceutical & Diagnostic Companies: Can They Work Together?
Help your organization understand the various nuances involved in creating successful partnerships between diagnostic and pharmaceutical companies. Partnerships between pharmaceutical and diagnostic companies will become a necessity as disease knowledge expands and therapeutic interventions become more specific and customized to individual patients. Genetic discoveries and regulatory concerns have created an environment where pharmaceutical companies need diagnostic industry partners to realize the full potential of a product – or in some cases to even gain approval to market a drug in the first place. Likewise, diagnostic companies could potentially reap great benefits from partnerships in the form of increased development and marketing support for a new test, leading to quicker times to market. This Best Practices Benchmarking® Report includes findings that will help your organization understand the various nuances involved in creating successful partnerships between diagnostic and pharmaceutical companies.
Sales and Marketing > Strategic Alliances d
Industries Profiled:
Pharmaceutical; Diagnostic; Manufacturing; Biotech; Consumer Products; Medical Device; Health Care; Research
Companies Profiled:
Abbott Laboratories; AstraZeneca; bioMerieux; Bayer; Becton Dickinson; Cholestech; Diagnology; Eli Lilly; Focus Technologies; GlaxoSmithKline; LabCorp; LipoScience; Merck; Roche; Tibotec-Virco; Visible Genetics
Study Snapshot
This report will help companies gain a better understanding of how diagnostic and pharmaceutical companies can bridge differences in their business models to create successful partnerships. Both sides must understand what is required to develop a diagnostic test, the activities, timelines and investments necessary to adequately prepare the market for rapid uptake, and how these tests can support the success of a pharmaceutical product.
Regardless of which side you represent, your organization can benefit from this review of the market dynamics involved in developing and promoting diagnostic and prognostic tests. Issues covered in the report include the development and marketing of different tests, the establishment of these tests within the medical community, and the integrated activities between diagnostic/prognostic tests and therapeutic compounds. The report includes detailed analysis of the pharmaceutical and diagnostic industry perspectives on these issues as well as a special section looking solely at partnerships and strategic alliances.
By reading this report, your company will be in a better position to make critical decisions about the investments and activity levels required to successfully manage partnerships.
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Key Findings
The future will demand that pharmaceutical and diagnostic companies work together. To create successful partnerships, it is critical for both diagnostic and pharmaceutical executives to understand each other’s business models.
Best Practices LLC analysts identified several key elements for successfully developing and marketing a diagnostic test to support a therapeutic compound, and factors for contributing to a rewarding strategic alliance between pharmaceutical and diagnostic companies. Key findings include:
- The process of developing and marketing new diagnostic tests and achieving rapid market acceptance has become increasingly more complex and resource intensive for diagnostic companies – This report discusses the decision points for diagnostic and pharmaceutical companies deciding to develop a test and the key factors that affect test development timelines. Topics discussed include market need and strategic fit, technical feasibility, competitive landscape and other such aspects of test development.
- Most diagnostic companies lack the marketing resources required to adequately prepare the market for rapid uptake of a new test, and thus turn to pharmaceutical alliances to support their efforts – This study includes details on the use of partnerships to overcome a diagnostic company's lack of marketing resources. The report details how a pharmaceutical company can maximize investment in a diagnostic partnership and impact drug sales. Specific topics include the use of key opinion leaders and the effect that shifts in development timelines have had on marketing efforts for new tests.
- Despite different development timelines, the most successful diagnostic pharmaceutical partnerships are those that start early in the drug development process - The report backs this critical third finding with details on when and how partnerships should intersect with the drug discovery timeline. Real examples of partnerships from participating companies provide lessons learned and contribute to a generalized model for excellence in partnerships.
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